Metaplanet is moving forward with plans to launch a new preferred share product in Japan tied to its Bitcoin-focused treasury strategy, as the company works through regulatory and operational hurdles in one of the country’s most cautious financial markets.
CEO Simon Gerovich said the proposed product could become Japan’s first listed perpetual preferred share if approved. He noted that only six listed preferred shares currently exist in the country, making the process unusually strict and time-consuming.
The company’s proposal is designed to give investors exposure to recurring income backed by its Bitcoin-related operations, while also expanding funding options for continued BTC accumulation.
There is a limited universe of listed preferred shares in Japan today. Upon listing, our preferred would be only the seventh in the market, and the first perpetual preferred. We view this as a meaningful contribution to the development of Japan’s capital markets, but it is also…
— Simon Gerovich (@gerovich) May 13, 2026
Bitcoin income model faces scrutiny
Gerovich said regulators and market participants are closely examining whether Metaplanet can generate stable enough cash flows to support regular dividend payments.
According to him, Japanese market standards require preferred share dividends to come from sustainable business operations rather than balance-sheet assets alone. That means Metaplanet must prove its Bitcoin Income Generation Business can continue producing returns across different market conditions.
The company has built a six-quarter operating record for the business and is now trying to demonstrate that the model can scale further.
Gerovich described the approval path as “necessarily deliberate,” pointing to the unfamiliar structure of the product in Japan’s traditional financial market. Metaplanet currently holds 40,177 BTC, making Bitcoin the core asset on its balance sheet and central to its broader treasury strategy.
Monthly dividend structure adds new challenge
Another major hurdle involves dividend distribution mechanics. Japanese listed firms typically pay dividends once or twice each year, but Metaplanet is exploring a structure that may allow monthly payouts.
That would require new operational systems covering shareholder verification, recurring notices, record dates and dividend calculations under Japanese market rules.The company said it is working with partners to build the infrastructure needed to support the model.
Meanwhile, Metaplanet is reinforcing its long-term bet on digital assets, announcing a new 8 billion yen ($50 million) bond issuance to expand its Bitcoin reserves. The move underscores the company’s aggressive accumulation strategy, even as market volatility continues to test corporate crypto balance sheets.
Japan’s crypto treasury experiment draws market attention
Metaplanet’s preferred share proposal comes as crypto treasury firms globally face growing pressure from investors demanding more predictable returns.
The company has previously discussed possible buybacks if its market value falls below the value of its Bitcoin holdings. At the same time, its yen-based financing model has helped it accumulate Bitcoin at lower local funding costs compared with many U.S. competitors.
Still, the strategy remains exposed to Bitcoin price volatility, dilution risks from future share issuance and the challenge of convincing income-focused investors to embrace Bitcoin-linked cash flows.
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